Initiator Pharma A/S (STO:INIT)

Initiator Pharma Balance Sheet

Financials in millions DKK. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Cash & Equivalents	28.67	13.37	24.34	39.11	34.35	13.5
Cash & Short-Term Investments	28.67	13.37	24.34	39.11	34.35	13.5
Cash Growth	139.37%	-45.06%	-37.78%	13.88%	154.34%	78.58%
Other Receivables	2.16	2.45	5.43	7.21	4.13	2.03
Receivables	2.16	2.45	5.43	7.21	4.13	2.03
Prepaid Expenses	5.99	-	-	2.01	15.23	-
Other Current Assets	-	-	-	-	-	0.06
Total Current Assets	36.82	15.82	29.77	48.33	53.7	15.59
Other Intangible Assets	-	-	-	-	-	0.01
Other Long-Term Assets	0.02	0.02	0.02	0.02	-	-
Total Assets	36.84	15.84	29.79	48.35	53.7	15.6
Accounts Payable	2.41	0.37	0.41	0.8	4.8	0.67
Accrued Expenses	0.13	0.49	2.53	-	-	-
Other Current Liabilities	-0.32	0.2	0.25	0.94	0.62	0.53
Total Current Liabilities	2.23	1.05	3.19	1.75	5.42	1.19
Long-Term Debt	2.14	-	15.44	12.58	13.29	-
Total Liabilities	4.37	1.05	18.62	14.32	18.71	1.19
Common Stock	7.19	5.9	5.51	5.5	4.6	2.91
Retained Earnings	25.28	8.89	5.65	28.53	30.4	11.5
Shareholders' Equity	32.47	14.78	11.16	34.02	34.99	14.41
Total Liabilities & Equity	36.84	15.84	29.79	48.35	53.7	15.6
Total Debt	2.14	-	15.44	12.58	13.29	-
Net Cash (Debt)	26.53	13.37	8.9	26.54	21.06	13.5
Net Cash Growth	121.48%	50.25%	-66.46%	26.02%	55.92%	78.58%
Net Cash Per Share	0.45	0.23	0.17	0.55	0.60	0.49
Filing Date Shares Outstanding	68.45	56.16	52.47	52.36	43.77	27.71
Total Common Shares Outstanding	68.45	56.16	52.47	52.36	43.77	27.71
Working Capital	34.59	14.77	26.58	46.58	48.28	14.4
Book Value Per Share	0.47	0.26	0.21	0.65	0.80	0.52
Tangible Book Value	32.47	14.78	11.16	34.02	34.99	14.4
Tangible Book Value Per Share	0.47	0.26	0.21	0.65	0.80	0.52

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.